Cathie Wooden, the Chief Govt Officer (CEO) of Ark Make investments, has revealed her insights in the direction of JPMorgan’s CEO Jamie Dimon’s analogy of Bitcoin – the main cryptocurrency, likening the digital asset to a “pet rock.”
Cathie Wooden Defends Bitcoin
JPMorgan Chase’s CEO Jamie Dimon refreshed his long-standing distrust in BTC and discounted any potential inherent worth to the token on the World Financial Discussion board in Davos. His assertion about Bitcoin being a “pet rock” has been receiving backlash from well-known figures within the crypto house recently.
Studying: Why Cathie Wood Placed 25% Of Her Wealth In Bitcoin: A Bold Bet Unveiled
One of those who have responded is Cathie Wood, who took to the social media platform X (previously Twitter) to precise her displeasure with the JPMorgan CEO’s assertion concerning Bitcoin. The Ark Make investments CEO identified knowledge that counters Dimon’s analogy and proves that BTC shouldn’t be a nugatory asset.
The publish learn:
At this time, JPM’s Jamie Dimon referred to as blockchain know-how small, and added that Bitcoin, a spinoff of blockchain know-how, is the equal of a “pet rock”. Knowledge flies within the face of Jamie’s description.
Wooden drew the neighborhood’s consideration to a latest post by Yassine Elmandjra, Ark Make investments’s Director of Digital Property. Within the publish, Elmandjra highlighted that Bitcoin’s hash fee has reached an all-time excessive of 500 exahashes/second this month.
Elimandjra additional delves into the importance of the token’s hash fee and the general computing energy of the community. Based on him, with the worldwide inhabitants performing one hash/second, it could take two millennia for the hash fee of BTC’s community to be matched.
Moreover, he famous that the Bitcoin community has the potential of “calculating round 5 billion computations per second.” He asserted the community’s hash fee is about 67 occasions larger than the grains of sand on Earth per second.
Moreover, the director identified that BTC has surpassed essentially the most highly effective supercomputers on this planet. “By variety of uncooked operations/second, Bitcoin is ~500x extra performant than the world’s strongest supercomputer,” he said.
The token’s unprecedented hash rate demonstrates its huge computational energy and outpacing present international capability. It additionally emphasizes its agency, actual assist that goes past principle.
Edward Snowden Follows The Wave
One other well-known determine who has slammed Jamie Dimon’s assertion is the US whistleblower Edward Snowden. Snowden additionally expressed his direct criticism on the social media platform X.
Based on him, Dimon is now more durable on the token after the US Securities and Alternate Fee (SEC) approved the Bitcoin Spot Exchange-Traded Funds (ETFs).
He mocked Dimon’s steady point out of Bitcoin in interviews, saying, “Spends one half of each interview insisting ‘I don’t care about Bitcoin,’ and the opposite half sobbing that it stole his spouse and shot his canine,” he said.
Featured picture by iStock, chart from Tradingview.com